Pallinghurst Bloc Demands CSM
Pay a $9.2 Million Breakup Fee

MELBOURNE, Australia -- Consolidated Minerals Ltd. said the Pallinghurst consortium has demanded that it pay a breakup fee of 10.8 million Australian dollar (US$9.2 million).

The demand comes after the manganese miner's board on Sept. 13 withdrew its recommendation of the Pallinghurst bid in favor of a sweetened A$1.03 billion takeover offer from Palmary Enterprises Ltd., which is backed by Ukrainian conglomerate Privat.